The village of Brookfield is playing the role of good neighbor to the Chicago Zoological Society (CZS), issuing $41 million in bonds to fund projects at Brookfield Zoo over the next couple of years.
While Brookfield is issuing the bonds, the village is not incurring debt and will not have to pledge tax revenues against the debt. The bonds will be paid back over a 30-year period by the CZS.
The CZS approached Brookfield so that it could secure a lower interest rate by issuing tax-exempt bonds. Tax-exempt bonds are also more attractive to investors, according to Ken Kaduk, senior VP for finance and administration for the CZS.
Some $27 million of those bond proceeds will be used to construct the Great Bear Wilderness, which will incorporate larger exhibit areas for the zoo’s bison, bear and eagle collections, a new retail store and a refurbished restaurant.
Ground was broken for the exhibit back in February with the demolition of Ibex Island, a mountain-like exhibit built in 1936 for the display of sea lions. On May 16, some 75 zoo staff members and volunteers were on hand for a Native American ground blessing for the exhibit.
Great Bear Wilderness is scheduled to open to the public in the summer of 2009.
In addition to Great Bear Wilderness, another $7 million is being set aside for the renovation of the Children’s Zoo, a project that likely won’t be completed until 2010.
The CZS wants to create an integrated “children’s experience” that would include several components, including the Hamill Family Play Zoo, which focuses on younger children; a new learning center; the renovated children’s zoo, which would try to target children up to 12 and include interactive exhibits about the Great Lakes, farms and conservation; and Art on the Edge, an artistic-themed area where the original bear grottoes are located which would serve as an entranceway to the children’s experience.
Another $500,000 is eyed for the renovation of the former Reptile House into a conservation leadership center, with the rest of the bond proceeds being used to improve zoo infrastructure, including relining the tank at the Seven Seas Dolphinarium, which celebrated its 20th anniversary in 2006.
While the CZS will benefit from a lower interest rate, Brookfield will also gain from improvements to the zoo. About two-thirds of the zoo is within the village of Brookfield’s boundaries, making it a critical sales-tax generator.
Great Bear Wilderness is expected to increase sales taxes for Brookfield with its gift shop and new restaurant area. Brookfield also stands to benefit from the opening of the Pavilions, a new 216-acre, open-air event venue on the north end of the zoo. The Pavilions are also located on the Brookfield side of the zoo.
“We feel we receive benefits from the zoo,” said Village President Michael Garvey. “Without there being any detriment to the village, we see this [bond issue] as a way [to respond in kind].”